What is the purpose of a payor benefit rider in juvenile policies?

The payor benefit rider in juvenile life insurance policies serves an important protective function. Its primary purpose is to waive the insurance premiums due on the juvenile policy if the individual responsible for paying the premiums (the payor) becomes disabled or passes away. This feature ensures that the coverage for the child remains in force even if the payor is unable to make payments due to unforeseen circumstances. This can be particularly meaningful in providing financial security and peace of mind to families, ensuring that a child's policy remains active during difficult times.

The other options do not accurately reflect the role of the payor benefit rider. For instance, increasing the death benefit when the child turns 18 does not align with the rider's function, nor does providing a savings/investment component or guaranteeing a minimum payout at a specific age. Each of those focuses on different aspects of life insurance that do not connect to the premium payment waiver provided by the payor benefit rider.